The United Kingdom is preparing to regulate ** Bitcoin and Crypto ** assets starting in October 2027. The move follows similar steps taken by other major economies. Officials say the goal is to bring clarity and safety to the fast-growing sector.
The UK finance ministry confirmed the plan on Monday. The new rules will cover Bitcoin and other cryptoassets. The government aims to provide certainty for businesses while blocking bad actors.
The regulations will be introduced through new legislation. The bill will extend existing financial laws to crypto companies. This approach will place crypto firms under the same oversight as traditional finance.
The government plans to present the legislation to parliament soon. Officials say the framework will align the UK more closely with the United States. This differs from the European Union, which has adopted separate crypto-specific rules.
A draft version of the bill was released earlier this year. Minor changes have been made since then. These updates reflect feedback from industry players and regulators.
UK Finance Minister Rachel Reeves said the new rules will set clear standards. She said they will strengthen consumer protection. She also noted that the framework will help keep dishonest actors out of the market.
The Financial Conduct Authority is developing detailed rules. These will cover trading practices and market abuse. Custody and token issuance will also be regulated. The Bank of England is working on rules for stablecoins used in daily payments.
Industry leaders have welcomed the announcement. Daniel Slutzkin, head of the UK at crypto exchange Gemini, said firms have waited a long time for clarity. He said companies can now prepare to meet compliance requirements.
The UK is also planning international cooperation. The government expects to work with the United States through a transatlantic taskforce. This effort aims to coordinate approaches to digital asset regulation.
Regulators want to complete the legal framework by the end of 2026. If timelines are met, ** Bitcoin and Crypto ** regulations will begin in 2027. This gives firms time to adjust systems and processes.
Officials believe the rules will boost confidence in the market. Clear oversight may attract responsible investment. At the same time, risks to consumers may be reduced.
In other news read more about: Bitcoin Faces First Annual Drop Since 2022 Amid Market Volatility
As the deadline approaches, businesses and investors will watch closely. The regulation of ** Bitcoin and Crypto ** assets marks a major shift in the UK’s financial landscape.
